Financial Daily from THE HINDU group of publications
Tuesday, Jul 26, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 26, 2005 |
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Tyres Corporate - Sick Units Dunlop won't come cheap, says Jumbo Chhabrias reassessing revival package Boby Kurian
Bangalore , July 25 THE Jumbo group is in no hurry to cash out of the ailing Dunlop India Ltd and has said that the potential suitors who have aired their interests in the closed company should not harbour hopes of "getting it cheap." Jumbo, with controlling interest in Dunlop, said that it will pursue all options, including infusion of more funds if required, to get the BIFR-approved revival package for the company off the ground. The Dubai-based group, managed by the Manu Chhabria estate, is working with the National Productivity Council to reassess the revival package and give it fresh impetus even as some potential suitors for the ailing Dunlop have appeared on the horizon. "Based on our assessment made along with the National Productivity Council, we will make a fresh presentation to the BIFR when it hears the Dunlop case next on October 4 this year. We are committed to seeing that the proposed revival package, which has been bogged down by inordinate delays, takes off, as we have already infused Rs 26 crore towards it," a top Jumbo official told Business Line. Stating that none of the suitors, who made media statements regarding their interest in Dunlop in recent days, have started talking to the promoters, the official said that they should not have ideas about "getting the company cheap". In recent days, Mr Angad Paul, son of the NRI industrialist, Lord Swraj Paul, told a private television channel about their group's interest in Dunlop. Later, media reports also indicated that Kolkata-based Sarda group could be a potential bidder for the ailing company. Sources in Jumbo said that the management's role in any future talks with the suitors would be limited as Dunlop is a BIFR basket case.
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